Source: CNN Money
New York- Yet another of the nation’s top banks is flirting with the idea of charging a monthly fee to customers who use debit cards.
Wells Fargo (WFC, Fortune 500) said Tuesday it will start charging a $3 monthly fee for debit card usage to customers in Georgia, New Mexico, Nevada and Oregon beginning Oct. 14.
“We regularly review our pricing and take into account the needs of our customers, industry trends, the market competition, and our cost of doing business,” a Wells Fargo spokeswoman said. Customers who don’t use their card during the month won’t be charged the fee and the fee will be waived for select accounts, she added.
At the end of last year, JPMorgan Chase (JPM, Fortune 500) announced a similar test, in which it charged customers in northern Wisconsin a $3 fee for using their debit cards. The tests are still underway, a Chase spokesman said Tuesday.
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